August 24, 2015

Lankford releases details from #CutRedTape Initiative

Senator James Lankford (R-Okla), Chairman of the Homeland Security and Governmental Affairs Subcommittee on Regulatory Affairs and Federal Management, has released the first details from his bipartisan #CutRedTape Initiative, which was launched in March of this year. A press release issued by Lankford described the initiative as an online portal for American families and businesses to communicate with the Senate about federal regulations that affect them. It said Senators will use the first-hand experiences submitted through the website to determine areas where the federal government can cut red tape and reduce unnecessary bureaucracy.

Lankford's Subcommittee on Regulatory Affairs and Federal Management has received 260 submissions since the launch of the initiative. One submission from a person from Oklahoma contended that a mortgage disclosure requirement regulation from the Consumer Financial Protection Bureau that is scheduled to take effect in October will severely harm small community banks. According to Lankford's release, this regulation, along with many others stemming from the Dodd-Frank Act, places excessive paperwork burdens on the nation's community banks.